“I was told crude oil would be moving … when? .. where? … I’m dyin’ here!!”
Two days in a row of wicked chop … this after all of last week moving while I was
sick, natch … New York as well as daily ranges extremely subdued versus 20 Day
Range MA’s, and other markets stumbling, bumbling around aren’t helping one bit
… there really isn’t much to the trade right now except chop … chop that’s tight
and on occasion wicked via the m1 spikes from Hell, that inevitably go nowhere
fast … this is a no win situation for trading, as the relatively high spread +
commission [if any], and of course the scumbag HFT slippage will chew you up
… we can barely get 10 cent moves over 10+ minutes, then get a 25 cent move in
15 seconds … hours later crude is at the same price.
Some banks today reporting production cuts won’t see the 2 million bpd OPEC+
goal, as well as world GDP being downgraded a notch … that put a damper on
price right out of the European open, and since the U.S. showed up around 7 am
EST, we’ve been in about a $1.25 per barrel yo-yo range, befitting the tag of
“Flying Wedge of Death” [FWD], I should have gone fishing instead …”Stock
Bellies” weakness and general malaise, along with lower Natty Gas prices in
Europe cuz of large LNG imports, along with slightly warmer forecast weather
temps in Europe, have also put a lid on crude rallying today … so be short then?
… unless you have a death wish, supplies are still unbelievably tight, and the
same problems you get from the long side, you get in spades from being short
… so no, IMHO it’s a bad bet.
No trades for the PAMM today, as trading conditions are terrible and warrant no
action … inflation tomorrow + inventories, so action tomorrow should be much
better … can’t see how it can get much worse … OUTTA HERE … “The future’s
so bright I need 2 pairs of sunglasses 😎😎, and my own Brinks armored
truck” 💓!! … Onward & Upward!!
-vegas
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